Digital payments through UPI IDs, phone numbers, or QR codes have become so effortless for the users to make transfers of money. Sometimes due to careless mistakes, money gets sent to a wrong number. Don't worry; follow the below steps to get your money back within 48 hours.
Stay Alert and Record the Details
To increase the chances of recovering your money, you should:
- Maintain all details of the transaction such as UPI ID, transaction ID, amount, and date.
- Capture a screenshot of the transaction details as proof.
Seek Help via the UPI App
Most UPI apps have customer care services for resolving issues. Here is what you should do:
- Call the customer service team of the app and explain your issue.
- Share proof with them in the form of screenshots and transaction details.
- Follow the refund process as per their instructions.
File a Complaint with NPCI
If the UPI app support is of no use, you can complain to NPCI (National Payments Corporation of India).
- Visit the official NPCI website.
- Click on Dispute Redressal Mechanism under the UPI tab.
- Fill out the complaint form by mentioning all details of the transaction.
NPCI will then work to resolve your issue and refund your money.
Reach Out to Your Bank
If that's not sufficient, you may also want to bring in your bank to settle the matter:
- Inform your bank about the erroneous transaction.
- Present the necessary documents along with the details of transactions.
- The bank will set a chargeback process into action and liaise with the recipient for the refund process.
Contact the Recipient
- Contact the person whom the money has been mistakenly sent to
- Provide the transaction details, and ask them to return
- If they deny, consider legal action
Legal Steps and RBI Guidelines
After trying all these, if you still have not received your refund, you can:
- Raise a complaint formally with local authorities.
- Escalate the matter to RBI.
According to RBI rules, the accidental transfer will get reversed within 48 hours if it is between the same bank. However, if different banks are involved, the delays will be there.
You will be able to recover your money effectively if you follow these steps, and always double-check before initiating a transaction to avoid these situations.
